One in four people think they will be working when they are 70-years-old, research by Aegon has revealed.
The provider found that 26.9 per cent of 700 adults aged 18 to 64-years-old quizzed in May think they will be working either full or part time at the age of 70.
Additionally, 45.8 per cent of people believe they will still be fit and healthy enough to work if they choose to at 70.
Steven Cameron, pensions director at Aegon, said: “Being prepared for later life isn't just about the amount you have in your pension, although a healthy pension pot certainly helps.
"There are other influences to consider when it comes to financial well-being. You can't predict what life will have in store at age 70, but considering your future in terms of work, health and caring responsibilities will help build a realistic picture of what you should prepare for financially.
"For some, working beyond the past ‘traditional’ retirement age will be a lifestyle choice, but for others who put off planning ahead, it could be a financial necessity to cover living costs.”
The survey, which marked the 70th anniversary of the NHS, asked 700 consumers to reflect on aspects of life that might influence their financial well-being at age 70 such as work, health and caring responsibilities.
The data found that 50.1 per cent believe they will be fit and healthy enough to enjoy their retirement fully, while 73.5 per cent are confident they will be financially stable at age 70.
Nearly one fifth of people said they think that they will still be financially supporting their family when they are 70.
Alan Chan, director and chartered financial planner at London-based IFS Wealth & Pensions, said: "I think many people are expecting to work to age 70 and I think this is not entirely unreasonable as we are all living longer. Many individuals choose to work for longer not because they have to but because they want to and enjoy what they do and they still want that structure to their day.
“Very few people stop working completely at the traditional retirement ages of 65 or if they do they go on to take up a voluntary job or a part time role. This is particularly the case for business owners, who aren’t in manual labour jobs, who will continue working past these ages but perhaps wind down slowly on a part time basis.
“Getting people to save more whether that’s in pensions or savings will help towards the funding care costs in later life. Higher contribution rates for auto-enrolment will be a good start.”
aamina.zafar@ft.com
